STUDENT LOAN AND FINANCIAL BEST PRACTICES FOR …

STUDENT LOAN AND FINANCIAL BEST PRACTICES

FOR OSTEOPATHIC STUDENTS AND GRADUATES

Presented by Jason DiLorenzo

Founder & Executive Director

Agenda

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Resident and Fellow Economics

Responsible Borrowing

Choosing from Today¡¯s Many Options

Loan Forgiveness and Legislation Update

Case Studies

The Refinancing Marketplace

Taxes & Other Financial Considerations

Available Resources, Q&A

Federal Loans: (Stafford, Grad PLUS)

? Federal Stafford: Fixed Rate 6% (since July 1st

2006)

? Unsubsidized: all interest accrues

? Direct Graduate PLUS: Fixed Rate 7% (all

interest accrues)

Private Loans:

? Sometimes needed for Externships,

Internships, or Residencies

High Rate Private

High Cost

To Borrower

Grad PLUS

Unsubsidized Stafford

Subsidized Stafford

Perkins

? Interest rates vary

? Margins have decreased but minimum credit

requirements have tightened

Low Rate Private

Grants/Scholarships

Low Cost

To Borrower

Responsible Borrowing

? Federal loans are unique as unlike in the private marketplace,

underwriting is limited and funds are available up to your COA

? Limit your borrowing! Every additional $10k you borrow results in

roughly $120 per month over 10-year payment plan

? Develop a budget and hold yourself accountable to it

? Understand repayment and forgiveness options now, as they can

improve the economic value of some career paths

? Don¡¯t put your head in the sand!

? Review your federal loans at nslds.

Changes in Student Debt Levels

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Debt levels have quadrupled

$300k

in the last 20 years

~$220k

~$89k

~$50k

1993

2000

2017

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